TerraPay is an Africa-focused digital payments provider that streamlines remittances by integrating and connecting major markets and money transfer operators such as Western Union, MoneyGram, and Ria. In Africa, the company enables customers to send money from 41 countries and receive from 40, and it also supports transfers to and from markets across Europe and Asia. IFC arranged a $75 million financing package to help TerraPay expand operations, strengthen infrastructure, and invest in technology. The expansion will focus on partnering with more global money transfer operators and increasing the volume of transfers processed across Africa to reduce costs, enhance speed, and simplify international remittance transfers. The financing aligns with TerraPay's mission to boost financial inclusion and accessibility and to support household incomes and small businesses. IFC previously invested $8 million in TerraPay as part of the company's 2019 Series A. TerraPay provides cross-border payment infrastructure and rails for instant, low-cost transfers between individuals, businesses, and financial institutions. The company operates across a broad footprint, present in more than 108 receiving countries and 205 sending countries with 62 settlement currencies. TerraPay plans to use new capital to expand further into Latin America (LATAM) and the Middle East & North Africa (MENA) regions. Management also intends to strengthen regulatory and compliance infrastructure and pursue key license applications globally. The firm highlights continued investment in operations, product development, and technology to enhance network coverage and service delivery. TerraPay is led by founder and CEO Ambar Sur, who cited the funding as validation of the team’s progress and investor support. TerraPay provides payment infrastructure services that enable banks, mobile‑money operators, money‑transfer operators and other payment providers to connect and transfer money at low cost. The company was incubated by Indian mobile‑solutions provider Comviva in 2015. It has acquired more than 25 licenses to operate in over 60 countries across Africa, Asia and Europe. TerraPay counts partnerships with Western Union, Visa, Ripple and MoneyGram. The firm competes with TransferWise and WorldRemit in the cross‑border remittance space. Management, alongside investor partners, completed an acquisition of the business and a consortium including IFC has injected $9.6 million to bankroll global expansion.

Total raised

$185M

Funding rounds

6

Latest round

Debt Financing

Latest activity

Jul 2024